Protection Gift Trusts Discretionary Trust Deed - Legal & 2025

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The document outlines the procedures and requirements for establishing a Protection Gift Trust with Legal & General, specifically focusing on a Discretionary Trust deed. It includes a checklist for completing the trust, important notes regarding legal and tax implications, definitions of key terms such as settlor, trustees, and beneficiaries, as well as provisions for managing the trust fund. The document emphasizes the importance of legal advice and compliance with regulations while detailing the roles and responsibilities of trustees and the settlor.

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Click ‘Get Form’ to open the Protection Gift Trusts Discretionary Trust Deed in the editor.
Begin by inserting the policy number in the designated box. If unknown, leave it blank for now.
Date the Trust on page 3, ensuring it is after all parties have signed.
Complete the settlor’s details on page 3, including name, address, and date of birth.
On page 4, insert any additional beneficiaries' details as needed.
Decide whether to retain terminal illness benefits on page 5 and indicate your choice.
Fill out the application or existing policy details on page 7 accurately.
Ensure all signatures are witnessed on page 9 before submitting the completed deed.

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2022	4.9 Satisfied (24 Votes)
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What is a discretionary gift trust protection?

Discretionary Trust This trust offers most flexibility as the trustees can choose from a wide range of beneficiaries, including the spouse and children of the settlor. The trustees have discretion about which of the beneficiaries will receive any benefits, how much they will receive and when they will receive it.

What is a discretionary trust deed?

A deed used to create a discretionary trust. A discretionary trust is a flexible trust structure in which none of the beneficiaries has the right to the capital or income of the trust. It is often used to benefit the settlors family for a family trust structure.

Who owns the money in a discretionary trust?

By placing the assets in a Discretionary Trust, the assets remain under the control of appointed Trustees and not the beneficiary. This means that a beneficiary who is incapable of managing their own affairs would have any inheritance managed on their behalf by the Trustees.

What are the downsides of a discretionary trust?

What are the disadvantages of discretionary trusts? Discretionary trusts can be complex, requiring trustees to understand trust and tax laws. Not all potential beneficiaries are guaranteed to benefit, as trustees have discretion over who receives benefits and how much.